Japan: Japan Fair Trade Commission clears Z Holdings' proposed acquisition of LINE Corporation

On 4 August 2020, the Japan Fair Trade Commission (JFTC) cleared Z Holdings' proposed acquisition of Line Corporation, a developer of mobile applications. The clearance of the acquisition comes less than a month after the opening of the investigation on 14 July 2020. The JFTC deemed the merger to not substantially restrict competition, including due to measures proposed by the parties. These measures include a variety of reporting requirements by the parties, as well as the removal of exclusive dealing conditions, amongst others. The JFTC examined the horizontal overlaps between the parties in the free online news distribution business, digital advertising business, and QR code payment business.